BlackRock settles whistleblowing charges with SEC
The firm used a special clause in its separation agreements whereby staff waived their right to whistleblowing awards
New York-based asset manager BlackRock has agreed to pay a penalty of $340,000 to settle charges for improperly inserting a clause in its separation agreements that limited the ability of departing employees to obtain whistleblowing awards.
More than a thousand BlackRock employees signed so-called separation agreements, whereby they waived their right to recover monetary incentives for reporting misconduct at the firm if they wished to receive financial payments upon leaving.
The clause was
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